Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Superior Production Partnership. The Ohio Enterprise Zone law O.R.C. Section 5709.62 (3) requires the City to enter into a Council-approved agreement between the City and participating companies.
Superior Production Partnership plans to expand its Columbus facility to accommodate growth and expansion. The project will include an investment of $4.8 million and the creation of 32 (thirty-two) full-time jobs.
The Department of Development recommends a 60%/7 year tax abatement on real property improvements, machinery & equipment, furniture & fixtures, and inventory. The proposal is consistent with Columbus Tax Incentive Policy under Core Central City projects.
The Columbus City School District has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an agreement with Superior Production Partnership for a tax abatement of sixty percent (60%) on real property improvements, machinery & equipment, furniture & fixtures, and inventory for a period of seven 7 years in consideration of a proposed $4.8 million investment in real and personal property and the creation 32 (thirty-two) new full-time jobs.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance Number 779-85, dated April 22, 1985; and
WHEREAS, the Ohio Development Department approved this designation under State of Ohio enterprise law, by letter dated June 12, 1985; and
WHEREAS, Superior Production Partnership plans to build a 32,000 square foot facility to accommodate relocation and expansion; and
WHEREAS, the relocation and expansion will add approximately $4.8 million in investment within the City; and
WHEREAS, the expansion will create 32 (thirty-two) new full time jobs; and
WHEREAS, the City desires to enter into such a binding, formal agreement in order to foster economic growth; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of Development is hereby authorized to enter into an Enterprise Zone Agreement with Superior Production Partnership and to provide therewith an exemption of sixty percent (60%) on real property improvements, machinery & equipment, furniture & fixtures, and inventory for a term of seven (7) taxable years in association with the project's proposed $4.8 million investment.
Section 2. That this ordinance shall take effect and be in force from and after the earliest period permitted by law.